Economy is creating millionaires at an astonishing pace

Kyle C. Barker

Kyle C. Barker

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Razor Reader said:
:patrice:I don't know, I need to see the criteria used put the study together because it seems a little shaky in my opinion period plus a million dollars in 2018 doesn't get you what a million dollars in got you 2005 let alone 1983. I wonder how inflation affected into this study ?
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their definition isn't what i would call a millionaire. They used home value + 401k + savings.
 
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Dont tell that clown Antonio Moore that people can actually make millions in America :ohhh:
 
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CharlieManson said:
This is the key takeaway from the article


"Much of the growth [in millionaire households] occurred between 1995 and 2001 and was directly related to the surge in stock prices," Wolff writes in his paper. The real estate market has also been a significant factor in recent years.

The results "show growing polarization with [the] very wealthy pulling farther away from the middle," Wolff said via email. This is also plainly apparent in the increasing share of American wealth owned by the richest 1 percent of households, he said.

The American middle class has been in decline for decades. As of 2015, middle class households were no longer a majority in the United States, according to a Pew Research Center analysis. Part of that shift is due to people falling out of the middle class: Between 1971 and 2015, the share of American adults in the "lower middle" and "lowest" income tiers grew by four percentage points, according to Pew.

But the middle class is also shrinking because many households are becoming better off, as the American Enterprise Institute's Mark Perry has noted. This is undoubtedly good news, particularly for the newly prosperous families benefiting from the trend.

As the middle class shrinks under pressure from the top and bottom of the income spectrum, the danger is that growing inequality will create a society of haves and have-nots, rather than one based in shared, broad-based prosperity. Wolff's research has also shown that the richest 1 percent of Americans now own nearly twice as much wealth as the bottom 90 percent combined.

Regardless of the number of millionaires created each day, the rise in inequality could spell trouble for the economy if it continues unabated. Too much inequality can depress economic growth in a number of ways. As the Economist summarized the research in 2015, "inequality could impair growth if those with low incomes suffer poor health and low productivity as a result, or if, as evidence suggests, the poor struggle to finance investments in education."
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:huhldup:
 
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CharlieManson said:
This is the key takeaway from the article


"Much of the growth [in millionaire households] occurred between 1995 and 2001 and was directly related to the surge in stock prices," Wolff writes in his paper. The real estate market has also been a significant factor in recent years.

The results "show growing polarization with [the] very wealthy pulling farther away from the middle," Wolff said via email. This is also plainly apparent in the increasing share of American wealth owned by the richest 1 percent of households, he said.

The American middle class has been in decline for decades. As of 2015, middle class households were no longer a majority in the United States, according to a Pew Research Center analysis. Part of that shift is due to people falling out of the middle class: Between 1971 and 2015, the share of American adults in the "lower middle" and "lowest" income tiers grew by four percentage points, according to Pew.

But the middle class is also shrinking because many households are becoming better off, as the American Enterprise Institute's Mark Perry has noted. This is undoubtedly good news, particularly for the newly prosperous families benefiting from the trend.

As the middle class shrinks under pressure from the top and bottom of the income spectrum, the danger is that growing inequality will create a society of haves and have-nots, rather than one based in shared, broad-based prosperity. Wolff's research has also shown that the richest 1 percent of Americans now own nearly twice as much wealth as the bottom 90 percent combined.

Regardless of the number of millionaires created each day, the rise in inequality could spell trouble for the economy if it continues unabated. Too much inequality can depress economic growth in a number of ways. As the Economist summarized the research in 2015, "inequality could impair growth if those with low incomes suffer poor health and low productivity as a result, or if, as evidence suggests, the poor struggle to finance investments in education."
Click to expand...
Must make investments to see this economic growth.
 
Mowgli

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Solution based economy. Gotta have the imagination and talent to invent or invest in things that make money.

Programmers eating
 
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